
\begin{table}
\begin{center}
\begin{tabular}{l c c c c c c}
\hline
 & Inv. & Inv. & Inv. & N. Inv. & N. Inv. & N. Inv. \\
\hline
Firm Party                          & $-0.050$    & $-0.257$      & $-0.365$      & $0.078$     & $-0.154$      & $-0.216$      \\
                                    & $(0.343)$   & $(0.374)$     & $(0.515)$     & $(0.282)$   & $(0.305)$     & $(0.414)$     \\
Alignment                           & $-0.019$    & $-0.034$      & $-0.081$      & $0.026$     & $0.010$       & $-0.036$      \\
                                    & $(0.151)$   & $(0.161)$     & $(0.178)$     & $(0.133)$   & $(0.136)$     & $(0.143)$     \\
Recent Class Action                 &             & $1.022^{***}$ & $0.849^{***}$ &             & $0.621^{***}$ & $0.513^{**}$  \\
                                    &             & $(0.196)$     & $(0.240)$     &             & $(0.157)$     & $(0.158)$     \\
Recent Restatement                  &             &               & $1.496^{***}$ &             &               & $1.010^{***}$ \\
                                    &             &               & $(0.215)$     &             &               & $(0.138)$     \\
Log(Tot. Contribs.)                 & $0.007$     & $-0.048$      & $-0.064$      & $0.061$     & $0.003$       & $-0.039$      \\
                                    & $(0.084)$   & $(0.093)$     & $(0.116)$     & $(0.070)$   & $(0.078)$     & $(0.094)$     \\
Log(Tot. Comm. Contribs.)           & $-0.025$    & $-0.019$      & $-0.013$      & $-0.019$    & $-0.014$      & $-0.012$      \\
                                    & $(0.015)$   & $(0.017)$     & $(0.019)$     & $(0.012)$   & $(0.014)$     & $(0.015)$     \\
Log(Tot. Lobbying Exp.)             & $0.003$     & $0.001$       & $0.007$       & $-0.000$    & $-0.001$      & $0.006$       \\
                                    & $(0.012)$   & $(0.013)$     & $(0.017)$     & $(0.010)$   & $(0.011)$     & $(0.013)$     \\
Log(Tot. SEC-Rel. Lobbying Exp.)    & $0.019$     & $0.007$       & $0.009$       & $0.017^{+}$ & $0.008$       & $0.007$       \\
                                    & $(0.012)$   & $(0.013)$     & $(0.016)$     & $(0.010)$   & $(0.011)$     & $(0.013)$     \\
SBC                                 & $0.017$     & $-0.062$      & $-0.086$      & $-0.049$    & $-0.076$      & $-0.122$      \\
                                    & $(0.115)$   & $(0.126)$     & $(0.148)$     & $(0.091)$   & $(0.104)$     & $(0.119)$     \\
HFSC                                & $-0.112$    & $-0.104$      & $-0.021$      & $-0.102$    & $-0.072$      & $0.027$       \\
                                    & $(0.172)$   & $(0.187)$     & $(0.254)$     & $(0.147)$   & $(0.162)$     & $(0.226)$     \\
S. Approp.                          & $-0.009$    & $-0.049$      & $-0.004$      & $-0.026$    & $-0.083$      & $-0.053$      \\
                                    & $(0.132)$   & $(0.146)$     & $(0.171)$     & $(0.107)$   & $(0.115)$     & $(0.136)$     \\
H. Approp.                          & $-0.227$    & $-0.261$      & $-0.194$      & $-0.181$    & $-0.176$      & $-0.118$      \\
                                    & $(0.184)$   & $(0.199)$     & $(0.227)$     & $(0.148)$   & $(0.154)$     & $(0.174)$     \\
Log(Assets)                         &             & $0.554^{***}$ & $0.439^{+}$   &             & $0.408^{**}$  & $0.333^{+}$   \\
                                    &             & $(0.167)$     & $(0.232)$     &             & $(0.128)$     & $(0.178)$     \\
Log(Employment)                     &             & $0.028$       & $-0.039$      &             & $0.085$       & $0.028$       \\
                                    &             & $(0.186)$     & $(0.231)$     &             & $(0.151)$     & $(0.188)$     \\
Leverage                            &             & $-0.287$      & $-0.202$      &             & $-0.018$      & $0.007$       \\
                                    &             & $(0.228)$     & $(0.193)$     &             & $(0.183)$     & $(0.169)$     \\
ROA                                 &             & $2.734^{*}$   & $3.607^{*}$   &             & $1.575$       & $1.695$       \\
                                    &             & $(1.240)$     & $(1.493)$     &             & $(1.038)$     & $(1.153)$     \\
Operating Margin                    &             & $-1.598^{*}$  & $-1.467^{+}$  &             & $-0.885$      & $-0.664$      \\
                                    &             & $(0.661)$     & $(0.757)$     &             & $(0.544)$     & $(0.597)$     \\
\hline
Firm FE                             & Yes         & Yes           & Yes           & Yes         & Yes           & Yes           \\
Year FE                             & Yes         &               &               & Yes         &               &               \\
Year--Finance FE                    &             & Yes           & Yes           &             & Yes           & Yes           \\
Num. obs.                           & $7504$      & $6601$        & $4629$        & $7523$      & $6619$        & $4651$        \\
Num. groups: gvkey                  & $816$       & $736$         & $622$         & $835$       & $754$         & $644$         \\
Num. groups: year                   & $13$        & $$            & $$            & $13$        & $$            & $$            \\
Deviance                            & $6080.883$  & $5307.997$    & $3955.275$    & $4239.864$  & $3660.450$    & $2679.551$    \\
Log Likelihood                      & $-3040.442$ & $-2653.999$   & $-1977.637$   & $-3420.222$ & $-2977.053$   & $-2246.198$   \\
Pseudo R$^2$                        & $-0.148$    & $-0.152$      & $-0.183$      & $-0.111$    & $-0.121$      & $-0.145$      \\
Num. groups: year^finance\_industry & $$          & $26$          & $20$          & $$          & $26$          & $20$          \\
\hline
\multicolumn{7}{l}{\scriptsize{$^{***}p<0.001$; $^{**}p<0.01$; $^{*}p<0.05$; $^{+}p<0.1$}}
\end{tabular}
\caption{Statistical models}
\label{table:coefficients}
\end{center}
\end{table}
